US stocks closed lower on Wednesday, with the Dow Jones Industrial Average dropping 0.62% to 12,496.38, the S&P 500 index declining 0.70% to 1,314.88 and the Nasdaq 100 index falling 0.86% to 2,818.61.

Data on weekly jobless claims and consumer prices for May will be released at 8:30 a.m. ET.

The Kroger Co (NYSE: KR) is projected to post its Q1 earnings at $0.73 per share on revenue of $29.13 billion. Pier 1 Imports Inc (NYSE: PIR) is estimated to post its Q1 EPS at $0.16 on revenue of $360.01 million.

Winnebago Industries Inc (NYSE: WGO) is projected to report its Q3 EPS at $0.12 on revenue of $164.69 million. Smithfield Foods Inc (NYSE: SFD) is estimated to post its Q4 earnings at $0.53 per share on revenue of $3.26 billion.

School Specialty Inc (NASDAQ: SCHS) is projected to post a Q4 loss at $0.91 per share on revenue of $117.40 million.

C.R. Bard Inc (NYSE: BCR) lifted its quarterly dividend to $0.20 per share from $0.19 per share. The company also announced its plans to buy back up to $500 million in stock.

Shares of Nokia Corp (NYSE: NOK) dipped about 9.3% in pre-market trading after the company announced its plans to cut 10,000 jobs and shut plants by the end of 2013.

Moody's Investors Service lowered Spain's debt rating by three notches.